“She will not use interest rates to head off or curtail any asset bubbles encouraged by the extremely low rates that might appear. And history is clear: very low rates absolutely will encourage extreme speculation. But Yellen will, as Greenspan and Bernanke before her, attempt to limit only the damage any breaking bubbles might cause.”

“I had thought that central bankers by now, after so much unnecessary pain, might have begun to compromise on this matter, but no such luck, at least in the case of the Fed. The evidence against this policy after two of the handful of the most painful burst bubbles in history is impressive. But not nearly as impressive as the unwillingness of academics to back off from closely held theories in the face of mere evidence.”

He said Yellen’s statements in early July have boosted the chances that the U.S. stock market will become completely bubbly:그는 7월초의 옐런의 발언은 미국 주식시장이 완전히 버블화 될 기회를 가속화 할 것이라고 말했다:

“This affirmation of moral hazard – we will not move to stop bubbles, dear investors, but will help you out when things go badly wrong – should be of great encouragement to speculators and improve the odds of having a fully-fledged equity bubble before this current episode ends.”

In his latest letter, Grantham also predicts every type of M&A record will be broken over the next couple of years, as noted by MoneyBeat’s Steven Russolillo in a blog post.머니비트의의 스티븐 러소리로가 블로그 포스트에서 언급했듯, 그의 최근의 편지에서, 그란텀은 또한 모든 종류의 인수 합병 기록이 다음 몇 년동안 깨어질 것이라고 예측한다.